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Amazon raises stakes for rivals with 1-day delivery goal after profit surge

Shifts in the nature of Amazon's business have afforded the company windfalls that it now can apply toward its ambitious delivery programme

Reuters Inc plans to deliver packages to members of its loyalty club Prime in just one day, instead of two days, part of a spending ramp-up that may curb near-term profits and will up the ante for retail rivals such as Walmart Inc. Shares rose as much as 2 per cent in after-hours trade on Thursday as Amazon said faster shipping will come to customers around the world and said its profit more than doubled in the first quarter, trouncing estimates thanks to soaring demand for its cloud and ad services. The news marks a costly challenge for competitors that will have to pour money ...

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First Published: Fri, April 26 2019. 07:52 IST